\begin{tabular}{l*{5}{c}} \toprule
                    &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}\\
\midrule
\textbf{Panel A:} Brazil&                      &                      &                      &                      \\
\addlinespace
Conventional        &                -0.390&                -0.398&                -0.466&                -0.421\\
                    &       [-0.508,-0.271]&       [-0.503,-0.294]&       [-0.606,-0.326]&       [-0.545,-0.297]\\
\addlinespace
Robust              &                -0.495&                -0.420&                -0.562&                -0.467\\
                    &       [-0.657,-0.333]&       [-0.547,-0.293]&       [-0.769,-0.355]&       [-0.621,-0.313]\\
\midrule
\textit{N}          &                 24567&                 68012&                 15901&                 45592\\
Bandwidth           &                  1.77&                  6.10&                  1.11&                  3.58\\


\midrule
\textbf{Panel D:} Finland&                      &                      &                      &                      \\
\addlinespace
Conventional        &                 0.034&                 0.042&                 0.019&                 0.002\\
                    &        [-0.036,0.105]&        [-0.035,0.120]&        [-0.055,0.094]&        [-0.072,0.076]\\
\addlinespace
Robust              &                -0.025&                -0.015&                -0.060&                -0.019\\
                    &        [-0.108,0.059]&        [-0.091,0.061]&        [-0.155,0.036]&        [-0.099,0.062]\\
\midrule
\textit{N}          &                 29928&                 90531&                 19861&                 68051\\
Bandwidth           &                  0.94&                  2.87&                  0.67&                  1.95\\
Bandwidth selector  &                   MSE&                   MSE&                   CER&                   CER\\
Polynomial          &                Linear&             Quadratic&                Linear&             Quadratic\\
\bottomrule \end{tabular}
